Sales revenue for a sporting goods store amounted to $526,000 for the current period. All sales are on account and are subject to a sales tax of 10%. Which of the following would be included in the journal entry to record the sales transaction?
A) a debit to Sales Revenue for $526,000
B) a credit to Accounts Receivable for $526,000
C) a debit to Sales Tax Payable for $52,600
D) a debit to Accounts Receivable for $578,600
D .Accounts Receivable 578,600
Sales Revenue 526,000
Sales Tax Payable ($526,000 x 10%) 52,600
Business
You might also like to view...
After initially recording a transaction, the data is then transferred to the ________.
A) chart of accounts B) ledger C) trial balance D) journal
Business
In an ad hominem attack, you attack the person who disagrees with you rather than addressing the issue at stake
Indicate whether the statement is true or false.
Business